Cyprus Permanent Residency by investment allows third-country nationals to reside permanently in Cyprus, provided they satisfy certain income and investment criteria.
This type of Residency Permit has proved very popular in recent years.
We gathered and note below some of the questions our clients frequently ask about this type of permit:
Q: How do I qualify for the Permanent Residency Permit?
To qualify for this permit, the applicant must proceed with an investment of at least €300.000, in one of the following:
- Real Estate: Purchase of up to two, new residential properties in Cyprus or purchase of new or resale commercial real estate with total purchase cost of at least €300.000 (excluding VAT).
- Business: Purchase of shares in a Cyprus Company with activities and staff in Cyprus.
- Investment Funds: Purchase of units in a Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, RAIF).
Q: Are there any additional requirements?
The applicant must demonstrate an annual income of at least €50,000, derived from abroad. The income requirement increases by €15,000 for the spouse and €10,000 for each child of the applicant.
The applicant and their spouse must provide a clean Criminal Record Certificate from their country of origin and their country of residence (if different).
Following the approval of the permit, the applicant must provide on annual basis evidence of maintaining the investment, the required income, a health insurance policy and a clean criminal record.
Q: What are the benefits of the Permanent Residency Permit?
- Applications are processed on a fast-track basis.
- Provided certain conditions are met, the permit is valid for life.
- The program extends to the investor’s spouse, minor children and adult children up to the age of 25 years (if financially dependent on the investor).
- Long-term residents may eventually qualify for naturalization based on the duration of their residency in the country.
Q: Does this permit grants visa-free travel within the EU?
Currently, the Permanent Residency Permit does not grant visa-free travel to any EU member state.
Traveling to other EU member states requires compliance with their visa requirements for non-EU nationals.
Q: Why investing in Cyprus?
Cyprus offers a wide selection of real estate investment options, commercial and residential.
Over the past years it became a prime destination for investors from all around the world, due to its thriving economy, strategic location and extensive use of the English language.
Cyprus has also one of the most favorable tax systems in Europe, with no inheritance tax, a very popular non-dom regime and one of the lowest corporate tax rates in the EU.
Q: What services can we offer?
- We can assist with the real estate due diligence procedure.
- We can draft the Sale and Purchase Agreement and/or any other relevant documents and provide support with the deposit of the Sale and Purchase Agreement with the Land Registry.
- We can submit the Permanent Residency Permit applications of all the family.
- We can monitor the examination of the applications.
Are you considering applying for a Permanent Residency Permit?
Contact us at:
📞 Phone: +357 22 622 262
📧 Email: info@paraschou.com.cy
🌐 Website: www.paraschou.com.cy
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